GBP/CAD 1H Chart: Falling Wedge
GBP/CAD 1H Chart: Falling Wedge
- The British Pound is losing value against the Canadian Dollar in falling wedge pattern that began to transform from a descending channel in the middle of last week.
- At the moment, the wedge consists of multiple reaction highs and three reaction lows, which means that it might be broken already in the nearest future. Even though the graph point out that the breakout should not occur before the pair reaches the monthly S2 at 1.5878, in reality the pattern might be distorted by any more or less significant fundamental event, such as the Jackson Hole Symposium.
- Given that the northern side is secured a by various technical barriers, such as the 55-, 100- and 200-hour SMAs, the success of the potential surge is doubtful even if it contradicts to the trade patterns theory.
